(Gold) Weekly Wrap: No Holiday Surprises By: Carl Swenlin | November 24, 2017
IT Trend Model: NEUTRAL as of 10/20/2017
LT Trend Model: BUY as of 4/12/2017
Daily Chart: In spite of the weakness displayed by the U.S. dollar (see above), gold continues to struggle. Instead of making a clean breakout above the declining tops line, it merely drifted through the line sideways. I am still showing the possibility of a double bottom, but, unless we see improved price action next week, I fear I will have to abandon that scenario. Sentiment remains bearish and offers no support.
Weekly Chart: The weekly PMO topped this week, but it appears to be a result of gold's failure to advance, rather than a warning of a top. That said, PMO tops below the signal line encourage more caution. . .